Glossary
Principal
The principal is the amount of money borrowed on your loan.
Interest Rate
The interest rate is annual cost of a loan to a borrower, expressed as a percentage.
Interest
The interest is the charge paid for borrowing money.
Term
The number of years or months it will take to pay off a loan. The loan term is used to determine the payment amount, repayment schedule and total interest paid over the life of the loan.